COVID-19 Hasn’t Derailed the Seattle Housing Market
So much of our lives have been put on hold since the beginning of the COVID-19 outbreak. It has shut down restaurants, bars, entertainment, and forced thousands throughout the Seattle area to work remotely. However, according to real estate professionals and experts in the market, people are still buying and selling homes throughout all of this.
While homeowners’ interest in buying or selling hasn’t gone anywhere, real estate agents at large have moved their strategies and business indoors. Many agencies throughout the Seattle area have had to make changes and adapt. Northwest Multiple Listing Service has announced that it would temporarily suspend in-person open houses. Agents will now have to rely on tech tools at their disposal to meet clients’ needs.
Virtual tours have become very helpful while also keeping people safe. This is a viable option for interested buyers to feel as if they’re walking through the home and get an idea of what a home has to offer. Utilizing technology such as this will help agents make it through tough times and come out on top.
John Manning, Owner and Managing Broker of RE/MAX On Market had this to say about the current state of the market: "It seems to me that there's still a tremendous amount of demand and I think folks that have solid financials are still house hunting," he said. "I get the sense that some people are hoping that they'll get a bargain -- but there's definitely still enough buyers in the market that we think that there won't be an undue disruption at this point of time."
Experts like Mr. Manning still emphasize that it's hard to predict what will happen moving forward with state and local officials, but real estate professionals will be prepared to adapt with any changes like they have done so far. Getting prepared with video showings, virtual home tours, and updating your social media profiles are ways agents can get ahead.
"The industry locally has done amazing things just getting ready. Everybody seems very calm, very prepared. You won't meet a real estate agent out there who doesn't have a big jar of hand sanitizer," said John Manning.
Being prepared and staying optimistic, agencies can focus on what they can control and what tech tools they have to best assist their clients. It’s hard to tell what will come next, but for the time being, home buying and selling activity is still high with buying in demand.
Real estate is an essential service in Washington, which is great news for agents throughout the state, but this also comes with responsibilities and new guidelines to follow. Agents throughout the country are having to change and adapt to the changing landscape while still meeting the needs of their clients that still want to buy and sell. If you’re looking for resources to help you better understand how this affects you and how you can respond, take our free Doing Business During COVID-19 course to better prepare you and your business.